Waiting on the man
12.12 pm The ASX 200 is almost unchanged as turnover is light and the market awaits the expected rate rise from the US Fed. It's a decent day for me thanks to Whitehaven which has popped 7% to 451. I'm out at 450 on the spike although I think it's got further to run and a congestion of a couple of days may give me an opportunity to buy again. Anyway, I'm pretty happy with the trade.
I noticed that Santos held really well yesterday even compared to an oil sector that did better than other resource names. I bought back at 505 on the open and it has edged higher to 508. Oil is trending very well and I'm looking for an acceleration in Santos with the hope that 520 might not prove to be strong resistance.
Large cap longs in AWC and RSG are down a bit but not significant and I'm nibbling at Beach Petroleum as well. It has some similarities with the STO chart in that there's a higher low following a slow correction but it may be a day or so behind. I've bought some at 124 and have more on the bid at 123. Currently 123.5.
The small caps are mostly little changed with CLQ down 2 to 123 and DEG up 1 to 15 where I've just sold my balance for a small gain. The exception is AC8 where I've bought a few more at 166. It's breaking out of a congestion and I'm looking for 180 as a first target.
1.52 pm The market has pushed higher on what's still a quiet day. It's up 14 points and improved most of my large cap positions a little bit. The small caps are barely changed although I felt I was impatient with De Grey Mining and bought back at 15.5 with the stock at 16 now.
3.07 pm WHC has been as high at 459.5 and is close to that level at 456. The rally may be due to relief that they didn't buy the Rio coal assets; Glencore placed the winning bid. The price seemed reasonable but the market may have been worrying about an issue. I've bought back into S32 at 330. They were another underbidder and the stock has pulled back after Friday's surge. There's no real signal but I'd expect another push through 340.
4.30 pm The ASX 200 closed at 5950, up 14, and continues to narrow into a pennant. If Powell is hawkish tonight then we can take a tumble, I guess, but I'm trying to simply focus on individual charts and I'm comfortable with my longs. AWC and S32 in the basic resources, two oil stocks in BPT and STO and the long gold position in Resolute. Here's the XJO chart.
The large caps made a minor profit, WHC was strong but most of the rest edged lower. The small caps did pretty well with AC8 closing near the day's high, CLQ recovering and most of the rest edging higher.
1.52 pm The market has pushed higher on what's still a quiet day. It's up 14 points and improved most of my large cap positions a little bit. The small caps are barely changed although I felt I was impatient with De Grey Mining and bought back at 15.5 with the stock at 16 now.
3.07 pm WHC has been as high at 459.5 and is close to that level at 456. The rally may be due to relief that they didn't buy the Rio coal assets; Glencore placed the winning bid. The price seemed reasonable but the market may have been worrying about an issue. I've bought back into S32 at 330. They were another underbidder and the stock has pulled back after Friday's surge. There's no real signal but I'd expect another push through 340.
4.30 pm The ASX 200 closed at 5950, up 14, and continues to narrow into a pennant. If Powell is hawkish tonight then we can take a tumble, I guess, but I'm trying to simply focus on individual charts and I'm comfortable with my longs. AWC and S32 in the basic resources, two oil stocks in BPT and STO and the long gold position in Resolute. Here's the XJO chart.
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